Modernizing Financial Systems
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Project Details
The Financial System Modernization project focuses on implementing policy, procedure, and system changes needed to increase consistency in financial operations across campus and create the conditions for a successful future ERP implementation. Phase 1 began November 2023 and most activity will conclude September 1, 2024. Phase 2 is targeted to begin in the fall of 2024.
Project Objectives
- Enhance the *DEFINE financial system to optimize business operations.
- Improve business processes and policies.
- Increase data access, availability, and usability.
Project Working Group
Executive Sponsor: Vice President and Chief Financial Officer.
Policy and Procedure Improvements: Financial and Administrative Services.
Campus Impact Assessment: University Business Services (UBS).
Technical Support: Enterprise Business IT Solutions (eBITS).
Consultation: Council of University Business Officers.
Scope of Work
This project is comprised of two phases with focus areas that include:
Area | Phase I | Phase II |
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Unified Navigation Framework | Create a unified navigation framework across multiple financial applications. | Continued modernization efforts of web interface. |
Expand use of Tracker |
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Financial Clean-up |
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Enhance Reporting |
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Policy/Procedure Review |
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Request to Pay Lifecycle |
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Phase 1
Accomplishments to date include:
Request to Pay Lifecycle Transformation: Engaged with Huron to evaluate and expand Jaggaer for request to expense functionality.
Financials Policy and Processing Improvements: Addressing billing issues, standardizing report codes, and updating AUF and NACUBO codes.
Signature Desk Approval Improvement: Enhanced flexibility for signature approvals.
Updated Procurement Forms: Streamlined forms for various procurement needs, including noncompetitive purchases and emergency procurements.
UT Market Enhancements: Expanded functionality and new catalogs for easier campus purchases.
Unified Navigation Framework: Created a unified navigation framework across multiple financial applications.
Work continues in the following areas:
- UT Tracker Expansion: Integrating more financial operations and piloting with various schools.
- Policy/Procedure Enhancements: For account reactivation and wire transfer processes.
- Financial Reporting Improvements: Deploying Power BI cubes for monthly and yearly financial reporting.